Document Update: Fannie Mae Updates Default Charges Paragraph in 07/2021 Washington Security Instrument Form 3048 (Cx25327)

Fannie Mae recently updated Paragraph 15(b) of the 07/2021 Washington Security Instrument (Form 3048, our Cx25327).

For increased clarity, the phrase in Paragraph 15(b)(ii) has been updated as follows:

from: “property inspection, and valuation;”

to: “property inspection and valuation fees;”

In order to access the updated version of Cx25327 – 3048 WA Deed of Trust 2021 on Production servers before the mandated usage date of January 1, 2023, clients will need to individually map field “Use New FNMA/FHLMC Legal Documents (07/2021)” (FI 152151) to “Yes”. On January 1, 2023, field “Use New FNMA/FHLMC Legal Documents (07/2021)” (FI 152151) will be globally mapped to “Yes”.

The updated version of Cx25327 – 3048 WA Deed of Trust 2021 will be available for use on Production servers immediately. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.